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Do I have to report sale of house?

Forum|Forum|6 years ago
May 31, 2019
3 replies
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"I sold my home of 30 years with $ 450000 gain, I know that after using my $ 500000 exclusion I don't have to pay any capital gain, the question is do I have to report this sale on my return or I don't need to?"

Best answer by DoninGA

If you sold your primary personal primary residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on
Scroll down to Less Common Income
On Sale of Home (gain or loss), click the start or update button

S

SweetieJean

Are you married? If not, the excludable gain is $250,000.

R

rocky506Author

I am married and I know I can use the 500000 esclusion

DoninGAAnswer

If you sold your primary personal primary residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in and owned the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. Make sure that you indicate that you want the sale of the home reported on your tax return. (See Screenshot)